Apple has said that it is unable to sell products online in Russia because of the unpredictable nature of the rouble. They say that the value of the rouble has become too volatile, and pulled iPhones, iPads and various other products from sale after the currency “went into free-fall”.
The rouble dipped in value by more than 20% this week, even though interest rates were lifted from 10.5% to 17%. At one point, one dollar was worth 79 roubles. The tech giant had already increased the prices of its products by 20% last month due to the weakening of the rouble. This meant that their products were being sold much cheaper than in other European countries. It now says that it can’t currently afford to sell its products in the country.
Russia’s central bank claim to have used almost $2bn on stabilizing the value of the currency earlier this week, having investing $80bn over the course of the year. Nonetheless, half of its value against the dollar has been lost since the start of the year due to factors including sanctions from the west over Ukraine and cheaper oil. The situation has been described as “critical”. This week’s slide comes after rumors that the US was about to launch a further series of sanctions due to its stance on Ukraine separatists.
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